Motor Vehicle Insurance

Do I really need to have insurance?
The only insurance that you need to have is liability insurance, this is insurance that covers your liability or responsibility to other persons (referred to as Third Parties) as a user/owner of a motor vehicle as stipulated by law.
I find that completing a Proposal Form can be so tedious. Do I really have to complete one?
Yes. Here's why. The Proposal Form is used to obtain information from you the person requesting insurance. It gives the insurer an opportunity to assess the application to determine whether or not to accept the risk, the premium to be charged or the terms to be imposed. It forms the basis of the contract between you and your insurer.
May I cancel my policy at any time?
Yes. You may cancel your policy at any time by advising us in writing
Will I be entitled to a refund of premium?

You may be entitled to a refund of premium depending on the length of time that the policy was running for and whether a claim payment has been made under your policy.

What is an Excess?
An excess is that portion of any claim, which you, the policyholder, will bear out of pocket before your insurance company will pay. It can be a fixed amount or expressed as a percentage (%) of the value of your vehicle (sum insured) or of the settlement amount. It is applicable to each and every claim you may make under your policy and is sometimes referred to as the ‘deductible'
Is the Excess applicable per loss or per year?

The policy excess is applicable to each claim that you make.

How does the Excess affect the amount I receive for my claim settlement?
The Excess is deducted from the amount of your actual loss first and the balance left is the amount you will receive.
What is a Motor Vehicle Certificate of Insurance?
It is a document issued by an insurance company which provides proof of insurance in accordance with the Motor Vehicles (Third Party Risks) Law, CAP.257. It provides proof that you have complied with the law.
Can the same certificate be used to operate several vehicles?
No. A certificate of insurance is required for each vehicle and must identify the vehicle to which it relates
How does a cover note differ from a certificate?
The Cover Note, though serving the same purpose as a Certificate, is a temporary insurance document and has a lifespan of a maximum of thirty (30) days. It is issued by the insurer, pending the preparation of the more permanent document, the Certificate of Insurance
What is a No Claim Bonus/Discount and how does it work?
No Claim Discount is a way in which insurers reward safe drivers. It is a discount you earn on an insurance premium annually if you do not claim on your insurance. Each year you are claim free, the amount increases. The maximum no claim discount is usually earned after five years. It is transferable from one company to the next, from one vehicle to another and between countries. Usually, this is dependent on receipt of an original letter from your previous insurer. In the event of a claim, the no claim discount is reduced or disallowed according to the Company's guidelines.
 
If my son is 18 years old and recently acquired his driver's license, is he covered under my policy?
Your son is covered under your policy as long as his driver's licence permits him to drive such a vehicle. However, at the time of an accident, the Excess applicable will be increased due to his age and his driving experience.
 
Is my vehicle insured if I lend it to someone.
Your insurance certificate will state clearly who is authorized to drive your vehicle. If it says any person driving with your permission then your insurance is valid if you lend that vehicle to someone provided that such person holds a valid driver's licence. However, in the event of an accident, the excess applicable may vary depending on the age and experience of that driver.
 
If my personal belongings are stolen from my vehicle, are they covered under my motor policy?
You will be compensated under your private car comprehensive policy for your personal effects up to a specified amount. These personal effects may include handbag, shoes, umbrella, cellular phone etc. However, items such as money, stamps, tickets, documents and securities, goods, samples, or equipment carried in connection with your trade or business are not considered to be personal effects.
 
Does my insurance policy give me full protection against liabilities to third parties?
Your insurance policy provides indemnity (protection) against third party liabilities but subject to the maximum amount stated in your policy. In the event of a judgment against you in a court of law for an amount greater than that stated in your policy, your insurer will pay the amount of your policy, and you will be responsible for paying the difference.
 
If my windscreen is broken can I make a claim without it affecting my No Claim Discount?
Yes. You are allowed to make a single windscreen claim in any one policy year without it affecting your No Claim Discount.
 
Does my motor policy automatically cover towing charges incurred as a result of an accident?
Once your vehicle is comprehensively insured, the company will reimburse the amount spent for wrecker fee. This is subject to the maximum amount allowed under your insurance policy.
 
Is there a grace period under my motor policy?
No. There is no grace period under your motor insurance policy. You must ensure that your insurance is current and valid at all times.

Home Insurance

At what value should I insure my house?
Your house should be insured for the cost of rebuilding the house as new. That means it should be insured for what it would actually cost you to replace the buildings.
Can I insure my contents?
Yes you can. You can insure your household goods and personal belongings such as furniture, video and audio equipment, television and jewellery.
 
Does an Excess apply to my home insurance?
Yes. An Excess is applicable to most losses under home insurance except losses caused by fire, lightning, and explosion and damage from falling aerials, fittings or masts.
 
I live in an apartment building that is insured by the Management Committee of the Strata Corporation, however the complex is not insured for its full replacement value – can I buy additional insurance cover for my apartment only to “top up” the strata policy?
No. Under the Strata Titles Act, your apartment complex should be fully/adequately insured.
 
Can I insure my personal contents under the Strata Corporation's policy?
No. The Strata Corporation's policy is for the joint owners of the building in which you live and only covers items that are commonly owned such as the Building, Guard House, Swimming Pool etc. You will have to take out a contents insurance policy to cover your own belongings.